The bitcoin price chart indicates that there could be additional downside following a stumble on Monday, with a Bitcoin collapse of 2.6% within 24 hours, said a crypto analyst.
“Pretty ugly sunny candle,” founder of MN Trading Capital Michael Van de Poppe Says In an X post on Monday, after Bitcoin (Btc) fell 2.6% from $ 122,200 to $ 119,000 in 24 hours hours.
Investors are hoping for a new all-time high after an early Monday of Bitcoin surge.
Bitcoin may be lower before it is higher
Bitcoin has fallen a little more since Van de Poppe’s post, who traded at $ 118,881 at the time of publication, According to Kay Nansen.
“No wonder we will try $ 116.8K before continuing,” Van de Poppe added.
Coinglass data shown That an additional 1.75% moved to this level will place nearly $ 1.63 billion of long Bitcoin position at risk of extermination.
“It took all the liquidity to the high and immediately reversed towards the range of high resistance,” Van de Poppe said.
It came after the early Monday morning optimization, when Bitcoin climbed more than 3.3% to $ 122,150, approaching the $ 123,100 all-time high reach it on July 15. Some entrepreneurs thought it could reach new high hours.
Crypto trader rect capital Says At this time, “if Bitcoin convinces it to break ~ $ 126,000, then the chances are that the price will be higher and fast.”
It just came a month after Recting said Bitcoin could have only a few months of Expanding the price left in the cycleEspecially if it follows the historical pattern from 2020.
Bitcoin’s sentiment stays high in the middle of the price wobble
The sentiment in the Bitcoin market remained high despite a slight sinking in price.
The crypto fear & greed Index fell two points at 68, still holding “greed,” despite crypto assets such as XRP (XRP) and Solana (Sol) falling 3.94% and 5.90% respectively.
The spot bitcoin exchange-traded funds (ETF) posted a fourth consecutive flow day on Monday, with $ 178.1 million, According to to the data away.
Related: BTC price to fill in the $ 117k CME gap? 5 things to know in bitcoin this week
Bitcoin can get more upside down in the near term if ether (Eth) Merchants initiate cashing income and rotating funds back to Bitcoin, according to Founder of jan3 and bitcoin maxi Samson mow.
Mow foretold Ethereum investors returned to Bitcoin once the ETH prices were high enough, potentially reversing a five-week flow to the ether.
However, not all are in agreement. On Thursday, Fundstrat co-founder Tom Lee said Ether was having a “Bitcoin 2017 moment” and could reach as high as $ 16,000, representing about a 272% increase from the current price of $ 4,300.
Magazine: How Ethereum Treasury Companies can spark ‘Defi Summer 2.0’
This article does not contain investment advice or recommendations. Every transfer of investment and trading involves risk, and readers should conduct their own research when deciding.
